KOHO Review 2026: Is It Worth It for Canadians?
KOHO is a no-fee prepaid Visa card and savings account for Canadians. Our 2026 review covers features, fees, interest rates, cashback, and whether it's worth signing up.
Read moreNo monthly fees, no minimum balance — earn interest and cashback from day one.
KOHO Referral Code: Get a $40 Sign-Up Bonus
Use referral code KOHOBONUS40 to sign up for KOHO and get a $40 cash bonus after your first purchase over $20. No monthly fees, no minimum balance.
Sign up with code KOHOBONUS40 and make your first purchase with your KOHO card.
Get Started — $40 Bonus
KOHOBONUS40
Bonus verified September 2026
The content on this page is provided for informational purposes only and may contain affiliate links. Additional information is available on the official website.
How to Claim Your Referral Bonus
Getting your $40 bonus takes less than 10 minutes.
1
Click Get Started
Use the Get Started button on this page, or enter code KOHOBONUS40 manually during sign-up. The $40 referral bonus is applied to your account automatically.
2
Set up your account
Create your KOHO account in minutes with your email and basic personal information. No credit check, no branch visit, and no minimum deposit required.
3
Make your first purchase
Add your virtual KOHO Visa to Apple Pay or Google Pay and make any purchase. Your $40 bonus is credited to your account automatically.
KOHO Referral Program Rules
Key terms and requirements you should know when using the referral code or link
- New Canadian residents who haven't previously held a KOHO account are eligible.
- Make your first purchase of $20 or more with your KOHO card and the $40 bonus is credited automatically.
- Your virtual KOHO card is available the moment your account is set up - no waiting for the physical card.
- The bonus is issued as KOHO cash, which spends just like real money anywhere Visa is accepted.
- The base KOHO plan is free forever - there's no monthly fee to worry about.
- Bonus amounts can change with new promotions, so it's worth signing up sooner rather than later.
Our KOHO Referral Review
Last reviewed: September 2026 · Independent editorial review
4.5/ 5
Overall Rating — Recommended by GetReferral
KOHO is the best no-fee spending account I have tested for everyday Canadian life, and the KOHO referral code KOHOBONUS40 is one of the highest bonuses in its category at $40 for a single purchase over $20. The cashback on groceries and transport adds up quickly, and the built-in credit building tool is genuinely useful. You can get additional information on our full KOHO review.
Ease of Use
5
Fees & Value
4.5
Product Range
4.5
Customer Support
4
Sign-Up Bonus
5
Our verdict: KOHO is a top-rated Canadian financial platform. We recommend signing up and using our referral code KOHOBONUS40 to claim your $40 bonus.
Personal Experience with KOHO
First-hand account from our editor
I started using KOHO as a test - I wanted to see whether the cashback on a no-fee card was meaningful in real life or just marketing. After three months of using it for groceries, transit, and subscriptions, I was averaging around $15–20 per month in returns. That's consistent, and the card costs nothing to hold.
The Credit Building add-on is the feature I recommend most to people who need it. A family member used it for six months and saw a noticeable improvement in their Equifax score without taking on any real debt. For new Canadians or anyone rebuilding their credit profile, it's one of the most accessible tools available.
The honest limitation is that KOHO is a spending account, not a savings or investing platform. Once you have meaningful savings beyond your monthly float, you'll still need a TFSA and a brokerage. But as a primary everyday card with cashback, interest on your balance, and no monthly fee, nothing I've tested at zero cost comes close.
I also signed up for KOHO with a referral code and the bonus showed up quickly and without complications, which lines up with what I've heard from readers too.
1M+
Canadians use KOHO
Up to 3.5%
Interest on your balance
Founded 2014
Toronto-based fintech
CDIC Protected
Funds held at Peoples Bank
What KOHO Offers
A full suite of financial products built for Canadians — all in one place.
KOHO Prepaid Visa
A Visa prepaid card linked to your KOHO account. Spend anywhere Visa is accepted and earn cashback on every purchase. No credit check required.
KOHO Savings
Earn up to 3.5% interest on your entire balance with no minimum deposit and no lock-in periods. Interest compounds daily and is paid monthly.
KOHO Credit Building
Build your credit score without a hard credit check by subscribing to KOHO's credit building feature, which reports positive payment history to Equifax.
KOHO Premium
An optional paid plan that unlocks higher cashback rates, free international transfers, financial coaching, and zero foreign transaction fees.
RoundUps
Automatically round up every purchase to the nearest dollar and transfer the difference into your savings. A simple, hands-off way to save more.
Instant Pay
Access up to $100 of your upcoming paycheck early at no cost, helping you cover expenses before payday without a loan.
Why Use KOHO?
A closer look at the features that make KOHO useful in everyday life.
$40 cash bonus when you sign up with code KOHOBONUS40 and make your first purchase
No monthly fees on the base KOHO account, ever
Up to 3.5% interest on your entire KOHO balance
Earn 1–2% cashback on groceries, eating and drinking, and transportation
Build your credit score with KOHO Credit Building, no hard credit check
Zero foreign transaction fees on KOHO Premium
Instant peer-to-peer money transfers to other KOHO users
RoundUps to automatically grow your savings with every purchase
No minimum balance and no overdraft fees
Virtual card available immediately, use with Apple Pay and Google Pay
Frequently Asked Questions
Common questions about KOHO and the referral bonus.
What is the KOHO referral code for 2026?
The current KOHO referral code is KOHOBONUS40. Enter it during sign-up or use the Get Started button to have it applied automatically. Make your first purchase over $20 with your KOHO card to receive the $40 cash bonus.
How do I get the $40 KOHO referral bonus?
Enter referral code KOHOBONUS40 during sign-up, or click the Get Started button on this page to have it applied automatically. Once your account is open and you make your first purchase with your KOHO card over $20, the $40 cash bonus will be credited to your account.
Is KOHO a bank account?
KOHO is a financial technology company, not a bank. Your KOHO balance is held in trust at Peoples Bank of Canada, a CDIC member institution. This means your funds are eligible for up to $100,000 in deposit protection per category.
Are there any monthly fees?
The base KOHO account has no monthly fees. KOHO offers optional paid plans (Essential, Extra, and Everything) that unlock higher cashback rates, credit building, and other perks for a monthly fee.
Does KOHO do a credit check?
No, opening a KOHO account does not require a credit check. The KOHO Prepaid Visa is a prepaid card, not a credit card, so it is available to anyone regardless of credit history.
How does KOHO Credit Building work?
KOHO's credit building feature charges a small monthly fee and reports positive payment history to Equifax on your behalf. Over time, this can help raise your credit score without a hard inquiry or the risk of carrying credit card debt.
Can I earn interest on my KOHO balance?
Yes, KOHO pays up to 3.5% interest on your entire balance depending on your plan. Interest is calculated daily and paid out monthly, with no minimum balance required.
How do I get a virtual card with KOHO?
Your virtual KOHO Visa card is available immediately after account setup in the app. You can add it to Apple Pay or Google Pay and start spending and earning cashback right away, before your physical card arrives.
What is KOHO Instant Pay?
Instant Pay lets you access up to $100 of your next paycheck early at no cost. If you need a larger advance, KOHO Cover provides up to $250 for a small monthly subscription fee, with no interest charged.
Does the KOHO referral bonus have an expiry?
Yes, you must make your first qualifying purchase after opening your account for the $40 bonus to be triggered. Sign up and use your virtual KOHO card promptly to make sure the reward is credited.
Ready to claim your $40 bonus?
Sign up to KOHO today and use code KOHOBONUS40 to get your bonus.
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